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Because of the shale boom, Mark Perry at the American Enterprise Institute jokingly calls the United States, “Saudi America.” But when you look at the chart he made, the nickname makes sense:
For the 18th month in a row starting in November 2012, “Saudi America” took the top spot again in April as the No. 1 petroleum producer in the world. Also, for the 18th straight month, total petroleum production (crude oil and other petroleum products like natural gas plant liquids, leased condensate, and refined petroleum products) in the US during the month of April at 13.63 million barrels per day (bpd) exceeded petroleum production in No. 2 Saudi Arabia (11.61 million bpd).
Expect this trend to continue. Fuel Fix reports, “U.S. shale fields are expected to produce 4.87 million daily barrels in September, up from 4.77 million daily barrels this month.”
Increased production from hydraulic fracturing and horizontal drilling has meant less imported oil and has spurred job creation and economic growth in North Dakota, Texas, and elsewhere. Shale oil and natural gas development could support 3.9 million jobs by 2025, according to a U.S. Chamber Institute for 21st Century Energy report.
In this sluggish economy, energy development has been a bright spot and has to be part of the solution. We need policies that take advantage of our energy abundance.